Property shares keep Dubai exchange at bay
In the wake of a volatile trading session, the Dubai stock market general index DFMGI lost 0.24 per cent to hit 4,667.58 points on Wednesday, July 23, amid thin trading
Arabtec lost another 1.65 per cent to close at AED4.16. Union Properties and Emaar Properties fell by 1.90 per cent and 2.06 per cent, respectively. Emirates NBD, the biggest lender in the UAE, jumped 5.67 per cent to hit AED9.50.
Despite the ongoing volatile trend at the DFM “the major GCC equity market indices have broken above their 50-day moving averages, backed by strong corporate earnings,” said Arjuna Mahendran, the chief investment officer at Emirates NBD wealth management.
Trading volumes dived further ahead of Eid holidays, as only 317 million shares were traded, valued at AED627.6 million (compared to AED2.2 billion a week ago).